Nah, China's urbanization has a ways to go. ~23% of employment in China is still agricultural employment.
@KYli's assessment is about "the good day of Australian Iron ore export to China" is soon over. However "urbanization" being the central factor doesn't precisely or fully reflect the assessment.
The more precise representation is "Iron/Steel accumulation per capita"/人均钢铁蓄积量. At the peak, UK reached 7.6t per person, US 8.8t, Japan 10.5t. Afterwards, they mostly recycled their accumulated iron/steel without digging up or import more iron ore. This is the indication of finishing their industrialization. It is also finishing their urbanization because the two are the two faces of the same coin.
China by 2020 has reached 7.5t per person. The trend seems to indicate that the figure goes up over time, so the projected figure for China's peak is 11t by 2030 (from
).
There is still 8 years, however the paper also said that many countries' past data has shown that after 8t per person the recycling volume increases significantly. That means import of iron ore will begin to drop significantly. The paper also said that China has exempted recycled steel from importation ban on waste from 2021. Recycled steel is cheaper and cleaner to make than from iron ore, using less energy and water.
pointed out this interesting thing that even though in early 2021 the demand of steel was high, China insisted in limiting steel production even if that hurt part of manufacturing sectors. This is a long term policy to prepare for the soon coming peak steel accumulation. Instead of a sudden stop of importing iron ore and hurting the steel industry (by 2030) who has equipped its primary production capacity in using iron ore today China is preparing the industry to transit their production capacity to full recycling by 2030.
The conclusion is that the days of China importing large volume of iron ore is over and will never come back. The import will gradually and steadily decrease to a full stop in 8 years. That is the reason behind "the good days are over".